Home equity loans are such a good deal that you may wonder why everyone doesn't take advantage of them.
You can use your home equity loan to finance home improvements, but you can also use them to consolidate high-priced credit cards and other loans, reducing your household debt while enjoying some tax advantages.*
Home equity loans borrow against the untapped value of your home. If your home is appraised for, say, $250,000, and you owe $210,000 on your first mortgage, you may qualify to borrow up to $40,000 in a home equity loan or line of credit.
Not all loans are the same. Here are 5 ways to save money on your next home equity loan:
| 5 ways to save on a home equity loan | |
|---|---|
| 1. | Go to STCU first to avoid loan fees. We charge no loan fees on fixed-rate home equity loans or variable-rate home equity lines of credit when at least $5,000 is borrowed at closing. |
| 2. | Set up automatic payments from your STCU checking or savings account and receive a .50% discount on your home equity loan. |
| 3. | Borrow 80% or less of your home's value and get another .25% interest rate discount on your home equity loan. |
| 4. | Have an STCU Visa? You can save another .25% off your home equity loan! |
| 5. | Apply your interest paid on your home equity loan as a tax deduction if you itemize.* |
Choose from either a fixed-rate or a home equity line of credit at STCU.
You can apply online for your STCU home equity loan or line of credit.
Or call (509) 326-1954 or (800) 858-3750 or visit any of our convenient branch locations.
